Devoted to women of color in business

PART 1) Internal Systems
How does your business *work*? Let's get down to the basics, all the way to the nuts and bolts. For example, if you are a customer, what do you expect from a company?  Take your last transaction with someone and break down into the different steps.... This could be your last grocery store visit, or your trip to the dentist, or your last car purchase, or whichever event: try and imagine the "flow" of how that experience went.

Then, for your business, create your flowchart of how a potential customer turns into a satisfied, ongoing customer for your company. Envision in as much detail as possible how your transactions work, who is involved, and how each detail helps your company grow.

Here are some ideas to help you figure out your internal systems:

Setup
How will you structure your business? Where is it located? Can people work in different locations or do they need to be centralized? Determine the main divisions of your business. Who can you bring onto your team?

Money
Who maintains the books? Who pays the bills? How much working capital do you have/do you need more?

What are your cash flow projections? How will you manage owner's or shareholder equity? Who needs to be on top of this aspect of your business?

Inventory
Who keeps track of inventory? Where do you buy items/services? Where do you store unsold goods?

Who will be subcontractors or employees? How do you manage the process? Who can be your main manager for this aspect of your business?

Physical Structure
Where are you located? Utilities, water, kitchen, bathroom, furniture, and office supplies: figure out the process and who is responsible for what.

Staffing
Who do you want to come on board? What roles will your employees or partners play? Develop your job description for each role.

Put together the beginnings of your human resources manual. What about benefits? Payroll? Worker's comp? Part-time, Full-time, Independent contractor?

Sales
How do sales get made? How do they get processed? How are orders received? How are orders shipped? Figure out the whole flow of what you want your customer to experience, then build your system around that process. Who needs to be on your team for this part of your business?

Reporting
Where are the numbers? What is your best metric for success?

For example, for an airline company it may be the number of customers per plane, or it may be the number of flights that leave on time, or it may be the dollar amount each customer nets for the company. These are all separately trackable numbers that you can use to "tinker" with your process and understand, in daily/weekly/monthly/annual reports, how your business is doing.

Think your internal systems through, and develop your plan in as much detail as possible. Things will always change, but your plan can help you understand where you were originally going and how you were planning to get there!!!

RESOURCES:

The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It (Paperback) by Michael E. Gerber
An excellent resource for people who think they can do what their boss does.

Think and Grow Rich by Napoleon Hill
A classic and a must-read for anyone in pursuit of business success.